Nasdaq National Market Requirements
A company must meet one of three standards for initial listing and one of two standards for continued listing:
Initial Listing Continued Listing Requirements Standard 1 Standard 2Standard 3 Standard 1 Standard 2 Net Tangible Assets1 $6 million $18 million N/A $4 million N/A Market Capitalization2 $75 million $50 million or or Total Assets $75 million $50 million N/A N/A and N/A and Total Revenue $75 million $50 million Pretax Income (in latest fiscal year or 2 of $1 million N/A N/A N/A N/A last 3 fiscal years) Public Float (shares)3 1.1 million 1.1 million 1.1 million 750,000 1.1 million Operating History N/A 2 years N/A N/A N/A Market Value of Public Float $8 million $18 million $20 million $5 million $15 million Minimum Bid Price $5.00 $5.00 $5.00 $1.00 $5.00 Round Lot Shareholders4 400 400 400 400 400 Market Makers5 33424 Corporate Governance Yes Yes Yes Yes Yes
Nasdaq SmallCap Market Requirements
RequirementsInitial Listing Continued Listing Net Tangible Assets1 $4 million $2 million or or Market Capitalization $50 million $35 million or or Net Income (most recently completed $750,000 $500,000 fiscal year or 2 of the last 3 years) Public Float (shares)3 1 million 500,000 Market Value of Public Float $5 million $1 million Minimum Bid Price $4.00 $1.00 Round Lot Shareholders4 300 300 Operating History 1 year N/A or Market Capitalization $50 million Market Makers5 32 Corporate Governance Yes Yes
1 Net Tangible Assets equals Total Assets minus Total Liabilities minus Goodwill minus Redeemable Securities. 2 For initial listing under Standard 3, or continued listing under Standard 2, a company must satisfy either (a) the market capitalization requirement or (b) the total assets and total revenue requirement. 3 Public Float is defined as total shares outstanding less any shares held by officers, directors or beneficial owners of 10% or more. 4 Round lot holders are holders of 100 shares or more. 5 An Electronic Communication Network is not considered an active market maker.